Tuesday, September 3, 2013

Foreclosures remain on the low side

Posted By on Tue, Sep 3, 2013 at 11:21 AM

After years of many people losing their homes to foreclosure in El Paso County, the public trustee's office reports the numbers have fallen and are staying relatively low this year. Here's a chart that shows that:

click to enlarge Screen_shot_2013-09-03_at_11.04.48_AM.png

All that said, we still lead the state in foreclosure starts, just as our unemployment rate is higher than that in points north, such as Denver, Boulder and Fort Collins.

Here's more detail about the latest numbers for August from Public Trustee Tom Mowle:

Workload in this office continues to be very stable. 154 notices of election and demand were recorded by this office in August, the lowest monthly total (by 1) of the year, but not much different from prior months. Year-to-date, foreclosures are down 43% from last year and the County is almost certain to have the lowest number of annual foreclosure starts since 2003. The only gray cloud in this good news is that year-to-date El Paso County also appears to have the highest number of foreclosure starts in the state. Over the last several years, Adams, Denver, and now Arapahoe have dropped below the El Paso totals. Since our County has the largest population in the state, this is neither surprising nor completely alarming – we have 9% more people than Arapahoe, but only 2% more foreclosures than they do – but the trend from 4th highest to 1st highest is further evidence (along with jobs data) that the recovery in Metro Denver has so far been more robust than it has here.

Four foreclosures with outstanding balances over $1 million were filed in August: Whispering Pines Apartments and Alvarado Place Apartments, both in the Pikes Peak Park area; Fillmore Business Park, at Arcadia; and a collection of vacant lots mostly in Manitou Springs.

Releases of Deeds of Trust increased this month to 3911, which is a bit lower than the monthly totals for most of this year. In the first 8 months of 2013 we have released 33,526 Deeds of Trust, more than the total released in all of 2011. Usually, El Paso County has the highest number of releases in the state, but so far this year Jefferson County has had more releases.

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